Earlier, 3D Investment Partners tried to discreetly flag its concerns to Square Enix and offered remedies, but was met with a routine “we hear you.”
Singapore-based investment firm 3D Investment Partners, known for its activist approach to asset management, has published an extensive presentation of roughly 100 pages (some sources say 112) that meticulously examines Square Enix’s managerial missteps. As a significant shareholder holding 14.36% of the company, the fund is urging other investors to join an “open exchange of views” on Square Enix’s persistent issues and to initiate a “constructive dialogue” with management aimed at increasing corporate value.
3D Investment began accumulating Square Enix shares in April 2025, initially framing its involvement as “pure investing” with the option to offer counsel or propose substantive changes if circumstances warranted. The fund has now escalated its stance: the presentation highlights revenue stagnation and weak profit margins over the past three years, particularly when compared with peers such as Nintendo, Capcom, Bandai Namco and Konami.
The fund’s primary criticisms are:
- Insufficient sales in both console and mobile segments, along with substantial write-downs from cancelled projects.
- The arcade and publishing divisions reportedly drag overall performance down due to mediocre results.
- The new mid-term plan for 2025–2027 is judged overly vague — lacking a clear recovery roadmap, realistic performance targets, and concrete corrective actions.
After 3D Investment Partners discreetly signaled its dissatisfaction to Square Enix’s leadership in October 2025 and proposed a remediation plan, it received a formulaic response from CEO Takashi Kiryu along the lines of “we hear you.” The fund subsequently chose to take the discussion into the public domain.
Source: iXBT.games